Monitor 2020 Women’s List: Debbie Devassy Babu

by Monitor Staff Nov/Dec 2020

Debbie Devassy Babu

Askounis & Darcy
Member, ELFA


Debbie Devassy Babu is a shareholder at Askounis & Darcy in Chicago. After graduating from the University of Illinois College of Law, Devassy Babu cut her teeth in the equipment financing industry by assisting in prosecuting and defending numerous cases stemming from the NorVergence equipment leasing fraud.


“I hope that the equipment finance industry continues to grow more and more diverse. When I started in this industry in 2004, I was one of a handful of women of color. I’m proud to see more women and people of color join the industry, and I hope that trend continues.”

While a young associate, she defended an equipment finance company from the Federal Trade Commission’s challenge to floating forum selection clauses contained in equipment lease contracts, winning dismissal of that part of the Federal Trade Commission’s complaint. She also successfully defended the same clauses in the Courts of Appeal for the Seventh and Eleventh Circuits and the Illinois Appellate Court. Devassy Babu concentrates her practice in complex commercial litigation, collections, bankruptcy litigation and appeals, representing clients nationwide.

Devassy Babu has handled multiple cases involving complex fraud schemes and appeals that have affected the equipment finance industry. She is a co-chairperson for the ELFA’s Amicus Curiae Subcommittee and is the former chair of the ELFA’s Service Providers Business Council Steering Committee.

“Debbie has the unique ability to successfully litigate a complicated case by grasping the issues and putting in the hard work required of an effective litigator. Our firm’s equipment finance clients have greatly benefited from her counsel, as she manages clients’ expectations by understanding and explaining litigation procedure and risks,” Alex Darcy, shareholder and Devassy Babu’s law partner at Askounis & Darcy, says.

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